Do you know which leases are within the scope of FASB ASC 842, Leases, and how to apply the new financial accounting, financial reporting, and disclosure requirements of this major standard? This course addresses those questions byexamining the core principles of the standard, including identification, recognition, measurement, presentation, and disclosure requirements. Examples with journal entries are included to illustrate application of the standard.Additionally, this course explains the lessee accounting model, including lease classification, amortization of the right-of-use asset, and interest on the lease liability. The lessor accounting model is also covered, including transfer of risk, profit recognition, and assessment of collectability. Other important topics include short-term leases, purchase options, variable lease payments, and sale and leaseback transactions. In addition, this course addresses the business context of implementing the new standard by identifying key factors for managing thissignificant change.
This course is intended to familiarize the learner with the key aspects of FASB ASC 842, Leases, including lease modifications, sale, and leaseback transactions, and leveraged leases. When you complete this course, you will be able to:
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